Obama’s Long-Term Housing Plan Includes Education and Immigration Reform
The real estate market is under the microscope now more than ever. The notion of home ownership was shattered for millions of Americans during the financial crisis, when an estimated $19.2 trillion in household wealth evaporated. Approximately 2.6 million homes were foreclosed on between 2009 and 2012 and the prospects of home ownership — still one of the top priorities for many Americans — became clouded with pessimism.
But studies conducted by Realtor University and the National Association of Realtors have found that the housing bubble and recession have actually made millennials — also known as Gen Y, those born between 1980 and 2000 — more likely to want to buy a house. About two in five indicated that the housing bubble and the lessons learned from it have made them more likely or much more likely to purchase a home.
The problem is that the capacity for this generation to save up a downpayment and take out a mortgage has been undermined by record levels of student debt.